Amanda Lang: Canada needs a thoughtful approach to housing affordability
OTTAWA -- Finance Minister Bill Morneau says the federal government is looking at ways to make home-buying more affordable for millennials.
Following a speech today north of Toronto, Morneau made the comment when he was asked if Ottawa has any plans to help first-time buyers enter the housing market at a time of rising interest rates.
Housing is expected to be a campaign issue ahead of October's federal election -- on Monday, NDP Leader Jagmeet Singh proposed measures he says will help build 500,000 new affordable housing units across Canada over the next 10 years.
Morneau says the Liberal government has focused on three primary housing-related issues since coming to office in 2015: Canada's shortage of affordable housing, a run-up in real-estate prices in some markets and ensuring millennials can afford homes.
He says Ottawa has already taken steps to increase the supply of affordable housing and to ease hot markets by introducing stress tests to limit people's ability to take out big mortgages.
Morneau says the challenge of helping millennials enter the housing market is now the priority and that there's multiple things the government is examining -- but he didn't elaborate on what measures are on the table.